Sreelakshmi24’s Blog

In tune with its strategy to expand its network rapidly and to strengthen its presence in Southern India, Fortis Healthcare Limited (“Fortis”), one of India’s leading private chain of hospitals, today announced its foray into the State of Karnataka. The Company through one of its wholly owned subsidiaries has now become a majority stake holder
in the Bangalore based Apollo RM Hospital, now rechristened Fortis Hospital, Seshadripuram.

The announcement is in line with Fortis’s plan to replicate its model to establish a network of super-specialty “centres of excellence” and multi-specialty hospitals to deliver quality healthcare to patients across the country. This will allow Fortis to leverage its knowledge of the healthcare sector and brand recognition to attract both doctors and patients to such facilities. This will be Fortis’s second project in South India after its investment in Malar Hospitals Limited in Chennai.

Fortis Hospital, Seshadripuram:

• Has 100 beds, which is expandable to 200 beds.
  
• It is a multi-specialty hospital situated in the well located Seshadripuram area of central Bangalore and
  
• Has a Centre of Excellence in Advanced Urology with specialized facilities for Urology, Nephrology and related specialties.
  

The hospital also provides comprehensive range of services in the areas of :

• Renal Sciences
  
• General Surgery
  
• Plastic Surgery
  
• Oncology
  
• Gastroenterology
  
• Internal Medicine
  
• Gynaecology and Obstetrics
  
• Orthopaedic & Trauma Care
  
• Dentistry
  
• Psychiatry
  
• Ophthalmology
  
• Dermatology
  
• Neurology
  
• ENT
  
• Neurosurgery
  
• Preventive Health Checkup.
  

Besides, it also has a Diet Clinic, Dialysis Centre, comprehensive Physiotherapy department, 24 hours Emergency Care, 24 hours ambulance service, Diagnostics, Comprehensive Lab medicine, Radiology and a 24 hours pharmacy.

Fortis will leverage its expertise to further strengthen the existing medical programme, upgrade and expand the facility, add new specialties and replicate its operating systems to provide superior medical and patient care.

Speaking at the occasion, Mr. Shivinder Mohan Singh, CEO and Managing Director, Fortis Healthcare Limited said, “We are pleased to announce our entry into the vibrant capital of Karnataka. This is a step forward to realize our vision of becoming a strong national player and brings the FORTIS brand of healthcare to the people of the state. Southern and Western India shall continue to be focus of our network expansion plans.”

Kindly visit http://www.fortishealthcare.com

Fortis Healthcare Ltd., one of India’s leading private chains of hospitals announces its first foray into the International healthcare market. Fortis, through one of its wholly owned subsidiary, has joined hands with a diversified Mauritian Industrial Group CIEL, through its subsidiary Novelife Limited, to acquire jointly a controlling stake in Mauritius’s largest private hospital, “Clinique Darné,” now rechristened Fortis Clinique Darné

Fortis Clinique Darné is one of the most modern medical centres in Mauritius, combining the traditions of dedicated personal care with hi-tech facilities and offering wide range of general and specialized medical services in a caring and friendly environment. Fortis plans to use this strategic entry into Mauritius to spread its footprints in developed markets and replicate its successful business model.

Fortis has also taken over the operations and management of the hospital and plans to develop the hospital into a large super specialty hospital in the region. Fortis Clinique Darné has adequate potential for growth keeping in mind its six acre property and the size of the market in Mauritius and neighboring countries.

Fortis Clinique Darné represents a strategic acquisition

Mauritius Healthcare is dominated by public sector hospitals, community and health centres that are under-equipped in terms of infrastructure and medical skills. Many Mauritians have to travel to other countries for high end treatment. This would enable Fortis to leverage Medical Value Travel by creating a gateway to Fortis Network of hospitals within India, as also develop Fortis Clinique Darné as a hub for Medical Tourism in Mauritius. Mauritius, with nine lakhs tourists visiting every year, presents ample opportunity to promote medical tourism for elective procedures and minor surgeries.

Fortis, through this acquisition will get a seamless entry into Mauritius where majority of the population is of Indian origin. Fortis Clinique Darné is evenly poised to leverage Fortis’ expertise and experience of operating super specialty hospitals to upgrade the clinical level of its medical programme to tertiary care and grow significantly in size. Fortis, with its wide network of telemedicine in African countries, would also help evolve Fortis Clinique Darné as a super specialty centre for neighboring countries.

Commenting on the occasion, Mr. Shivinder Mohan Singh, CEO and Managing Director, Fortis Healthcare Ltd. said, “This deal marks Fortis’s first foray internationally. We are very excited about this opportunity to work with our partners to develop tertiary level quality healthcare in the Mascareignes region. This deal is a clear indication of India’s rise in the International healthcare space and we are privileged to be leading that transformation.”

About Fortis Clinique Darné

• Fortis Clinique Darné, with an installed bed capacity of 120 beds , is the Leading private hospital in Mauritius.
  
• Perceived to be the most premium hospital, the hospital caters to the high end populace of the country.
  
• The hospital is located in the populated up-market locality of Floreal, Curepipe and surrounded by residential localities. The location is central and accessible from all parts of Mauritius.
  
• Spread over six acres of land, the hospital offers scope of expanding the bed capacity.
  
• The hospital offers services in various multi specialties including Cardiac, Orthopaedics and Neuro Sciences. It is the only private hospital in Mauritius that undertakes cardiac surgeries.
  
• It is well equipped and has the latest Cath lab and a 64 slice CT scanner
  

For further details contact:

Mr.Sudarshan Mazumdar @ 9810955533

Ms.Pawandeep Kaur @ 9810353439

Fortis Healthcare Ltd.

Also visit website http://www.fortishealthcare.com

Pharma Major, Lupin Limited, yesterday reported revenues of Rs. 9719 mn for the quarter ended December 2008, a rise of 32 % from revenues of Rs. 7381 mn in the corresponding period last year.

International market revenues at Rs. 6505 mn, recorded a rise of 48%. Of these, Formulation Business in Advanced Markets constituted 77% at Rs. 4990 mn.

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) were Rs. 1761 mn (Rs. 1477 mn*) a rise of 19%. After Interest and Finance charges of Rs. 146 mn (Rs. 101 mn) and Depreciation of Rs. 219 mn (Rs.175 mn), Profit before Tax grew by 16% to Rs. 1396 mn (Rs. 1202 mn*). Provision for taxation including Fringe Benefit Tax was Rs. 219 mn (Rs. 201 mn*)

Net profit for the quarter was at Rs. 1165 mn. Increase in Net Profit for quarter over the corresponding quarter in the previous year (adjusted for IP income) works out to 16%.

For like representation IP income of Rs 1127 mn for the corresponding quarter of the previous year has been excluded to make the quarters comparable on an operational basis.

Commenting on the Company’s business results, Dr. Kamal Sharma, Managing Director, Lupin, said,”The past ten quarters have been noteworthy. We have continued to outpace and outperform across business segments and markets consistently having steadily consolidated our footprint globally. Recent launches, product approvals and patent settlements, substantial growth in filings, and more importantly – growth in market shares – are an affirmation of the success of our “Strategic Approach” & the effectiveness of our “Go to market” programs. Our strengths in Research & Development and the quality of our Intellectual property is a testimony to Lupin’s vision & commitment to developing and delivering quality & cost-effective drugs for everybody.”

Operational Summary

• Growth in overall Sales in the U.S – Continued Market Leadership in 7 of the 20 products in the market.
  
• Litigation Settlement with Schering-Plough Corporation for Desloratadine®
  
• Hormosan AOK Tender win
  
• Substantial Growth in Filings with two potential First to Files.
  
• Domestic Formulations Business at Rs. 2791 mn – outpaces and outperforms the market with a growth of 27% on net sales basis. (Industry growth as per IMS MAT Nov 08 – 10.3%)
  

Advanced markets

The Company’s Advanced markets formulation business in USA and Europe clocked in sales of Rs 3405 mn during the Q3, 2008-09, ( Q3 2007-08: Rs 2297 mn) reporting a growth of 48%

USA

LPI has garnered a steady growth in prescriptions for generics as well as branded formulations during the quarter. The company achieved market leadership in 7 of the 20 products in the US markets (IMS Sept 08).

Lupin also settled all ongoing Hatch-Waxman litigation relating to Desloratadine tablets, the generic version of Schering-Plough’s “Clarinex”® tablets during the quarter. As per the terms of the settlement, Lupin Ltd. will be licensed under the relevant Desloratadine patents, and free to commercially launch its generic Desloratadine product, on July 1, 2012, or earlier in certain circumstances. Schering-Plough’s Clarinex® tablets had U.S. sales of $329 million for the year 2007-MAT June 2008, according to IMS Health.

Europe

Lupin further consolidated its market position in Europe by completing its acquisition of Hormosan Pharma GmbH (Hormosan), a German generics company specialized in the supply of pharmaceutical products for the Central Nervous System (CNS).

Lupin also reported its first strategic win in the German market through Hormosan in the very first three months post-acquisition – having received information on the results of the Allgemeine Ortskrankenkassen (AOK) Tender, pursuant to § 130a SGB V. Hormosan has been offered 1 products in all 5 regions of Germany covering all AOK-insured persons. The AOK tender process is currently under judicial review.

Hormosan has a strong brand identity in the German generics market through its strong patient compliance message, essential for patients within the CNS sector.

Emerging Markets:

The Formulations revenues from emerging markets including India reported a growth of 24% recording sales of Rs 3236 Mn during Q3, 2008-09 (Rs 2605 Mn, 2007-08)

API revenues from emerging markets (including India) were at Rs 1328 Mn. The Company’s CRAMS business through the new entity Novodigm is progressing well, reporting sales of Rs 125 mn for the third quarter. .

Domestic Market: India:

Company’s domestic formulations business in the third quarter registered gross Sales of Rs. 2791, registering a growth of 27% at the net sales level. For better representation, the sales arising from deemed exports of Rs. 104 mn (Rs.93 mn), and formerly recorded under domestic sales have not been classified along with the domestic formulations business. This growth was driven by the good performance in the CVS, Diabetes, CNS, Asthma and Gastro Segments. The divisions catering to branded segments continued to outpace the industry growing over 29%. Lupin has maintained its leadership in Anti-TB segment and has secured a double digit market share in the anti-asthma market riding high on the strengths of its offerings in this segment.

Other World Markets

The RoW Markets reported sales of Rs 445 Mn for the third quarter recording a growth of 40%.

Japan

Kyowa, the Company’s subsidiary in Japan posted robust sales at Rs 1319 mn registering a growth of 21% over the corresponding period of previous year. The recently launched Amlodipine “Amel” continues to maintain majority market share and Risperidone “Amel”, which was launched last year, continued market leadership in unit terms.

South Africa

Lupin also completed and consolidate its acquisition of a majority stake in Pharma Dynamics (PD) in South Africa. Pharma Dynamics is the fastest growing generic companies in South Africa (over 33% growth for Quarter 3 – 08-09) with a clear leadership in the cardiovascular segment.

PD ranks at number 6 amongst generic companies and is currently growing at 33% per annum as per IMS. The South African Generics Market is currently valued at close to 800 Million USD and growing rapidly.

Research & Development

Progress on Approvals & Filings

Lupin also filed Seven ANDAs filed in the quarter, taking the cumulative ANDA filings total to 76. The company has received 32 approvals to date including Levetiracetam, which has already been launched. Four (4) DMF filings have been made in the quarter, taking the total to 79. The company also filed four (4) MAAs with the European regulatory authorities.

Two (2) Potential first to files were filed in the quarter. Furthermore, litigation was initiated against Lupin on filing the generic versions of Fortamet ER (Metformin extended release tablets) and Antara (Fenofibrate tablets) during the quarter. The company believes that it is the first to file on both. The total tally of first to files stands at eight (8).

About Lupin Limited

Headquartered in Mumbai, India, Lupin Limited is an innovation led transnational pharmaceutical company producing a wide range of quality, affordable generic and branded formulations and APIs for the developed and developing markets of the world.

The Company has secured global leadership position in Anti-TB and Cephalosporins and has a significant presence in the areas of Cardiovasculars (prils and statins), Diabetology, Asthma and NSAIDs. The Company’s R&D endeavors have resulted in significant progress in its NCE program. The Company’s foray into Advanced Drug Delivery Systems has resulted in the development of platform technologies that are being used to develop value-added generic pharmaceuticals.

Currently positioned amongst the top six pharmaceutical companies of India, the Company is committed to achieve sustainable earnings and growth for all its stakeholders.

For the financial year ended March 2008, the Lupin’s Revenues and Profit after Tax were Rs.27,730 million (US$ 694 million) and Rs.4,083 million (US$ 102 million) respectively.

For further information please contact:

Lupin Limited:

Shamsher Gorawara

Head – Corporate Communications

Ph: 9820338555

Email: shamshergorawara@lupinpharma.com